Shiba Inu's price is moving similarly to Dogecoin and suggests a 15% increase. At the retest of the $0.0000106 resistance level, investors should think about receiving gains. The lower bottom will be created if the daily candlestick closes below $0.0000074, invalidating the bullish outlook for SHIB.
Shiba Inu poised for a further rise
After two weeks, the Shiba Inu price (1) broke through its narrow consolidation zone, signaling a change in the story. The latest move's direction makes the return of purchasers evident. As the month-end volatility begins to pick up, this view is likely to hold, driving SHIB higher. The price setup for the Shiba Inu was three lower highs and lower lows. Showing a downward trend from November 9, The trend line linking the swing above lows was broken by SHIB on November 22, signaling a breakthrough.
The 7% bullish revival
Additionally, the 11% run-up in the Relative Strength Index (RSI) (2) on November 22 appears to be a direct outcome of the bullish divergence. This technical pattern appears when the Shiba Inu price makes lower lows, and the RSI makes higher lows, both of which indicate a strengthening bullish momentum.
Shiba Inu price trend reversal is anticipated as a result of this non-conformity. Investors could anticipate SHIB to challenge the $0.0000106 resistance level again, indicating a bullish 15% rise. But if this level flips, the run-up will continue to $0.0000116, bringing the 25% gain. Investors must pay particular attention to the $0.0000081 support level despite a favorable outlook. By resulting in a lower low, a breach of this barrier will refute the bullish argument for the price of Shiba Inu. SHIB can decline by 9% in this scenario before hitting a strong support level at $0.0000074.
